Ga Real Estate Exam - Practice Test

Questions and Answers

Personal property that, by its attachment to real property, is regarded as real estate is called:

An emblements

Personalty

An appliance

A fixture (correct)

What is the main purpose of police power?

To make sure the property owners and citizens know their place

To put out fires

To protect the health, safety, and welfare of the community (correct)

To prevent people from committing crimes

If a person has complete control over their property, and the ownership in the property is not defeasible, what interest does the person have in the property?

Fee conditional estate

Life estate

Defeasible fee estate

Fee simple estate (correct)

Which of the following is the difference between the value of a property and the total amount of liens against the property?

Equity Signup and view all the answers

A metes-and-bounds legal description:

Must commence and finish at the same identifiable point Signup and view all the answers

Your neighbors use a portion of your property to reach their guest apartment, which is on their property. As far as you can tell, you never gave them permission to use your property. This property is referred to as the:

Servient tenement Signup and view all the answers

There are no nationwide or state zoning laws.

True Signup and view all the answers

What is the difference between a specific lien and a general lien?

A specific lien is secured by a specific piece of property, and a general lien is secured by the collective assets of a person against whom the lien is held Signup and view all the answers

All of the following are agency relationships EXCEPT:

The real estate salesperson-buyer relationship Signup and view all the answers

A broker collects a non-refundable fee from the seller when the listing is signed to cover the advertising of the property for sale. Such a fee is called an 'advance fee' and is considered trust funds.

False Signup and view all the answers

Selma lists her property with XYZ Realty, ABC Realty, and MNO Realty. In each listing agreement, Selma has agreed to pay a commission to the listing firm only if that firm finds a ready, willing, and able buyer and a sale is consummated. This type of listing is:

An open listing Signup and view all the answers

The law in all states provides that contracts for the sale of real estate or an interest in real estate are unenforceable unless they are in writing and signed by the parties. What law is this?

Statute of frauds Signup and view all the answers

The legal act of transferring ownership, or the intention to have a deed be operative and effective is manifested by _______ of the deed.

delivery Signup and view all the answers

A lender is required under the Truth-in-Lending Act (Regulation Z) to furnish an applicant for a real estate loan with a copy of a _________. This document must be given to the borrower before the borrower can be obligated to repay the loan.

Disclosure statement Signup and view all the answers

Study Notes

Key Real Estate Concepts

Fixture: Personal property that is attached to real property and treated as real estate.
Police Power: The authority to protect community health, safety, and welfare, not simply to enforce laws against crime.
Fee Simple Estate: Ownership interest in property that grants complete control and is not defeasible.
Equity: The difference between a property's value and the total amount of liens against it.

Legal Descriptions and Property Rights

Metes-and-Bounds Description: Must start and end at the same identifiable point; applicable for areas outside of the rectangular survey system.
Servient Tenement: Your property that is used by neighbors due to an easement appurtenant without your original permission.
Zoning Laws: No nationwide or state laws exist, indicating localized governance over land use.

Liens and Agency Relationships

Specific vs. General Lien: Specific liens are tied to a specific property; general liens relate to all assets of an individual.
Agency Relationships: Types include attorney-client, broker-seller, and listing relationships; the real estate salesperson-buyer relationship is typically not recognized as an agency.

Listing Types and Legal Provisions

Open Listing: A listing agreement where the seller pays a commission only if the listing firm finds a buyer.
Statute of Frauds: Requires real estate contracts to be in writing and signed to be enforceable.

Real Estate Transactions

Delivery of Deed: The act of transferring ownership is accomplished through the delivery of the deed.
Truth-in-Lending Act (Regulation Z): Mandates lenders provide a disclosure statement to real estate loan applicants before obligating them to repayment.

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Prepare for the Georgia Real Estate Exam with this practice test quiz. Each flashcard presents key concepts and terms essential for understanding real estate principles. Test your knowledge and enhance your exam readiness.